Amaya Gaming, has announced the completion the underwritten bought-deal private-placement basis of 25 million subscription receipt priced at CAN$20 (€13.77/$18.73) each.

The Canadian gaming provider confirmed that the underwriters of the offering exercised in full the option to purchase an additional 7,000,000 subscription receipts, with the total gross proceeds to Amaya from the offering amounting to CAN$640 million.

The proceeds are currently being held in escrow and will be released without any additional payment upon Amaya’s acquisition of Rational Group, subsidiaries of which are the online poker websites PokerStars and Full Tilt Poker. The proceeds shall also be used for partial funding of the acquisition.

The agreement states that if the subscription receipt is not finalised within six months from the end date of the initial offering, the said receipts shall be cancelled automatically, unless Amaya and the holders of the receipt agree to an extension. Should such a termination occur, the amount subscribed plus its accrued interest shall be reimbursed to the holders of the receipts.

Subject to the terms of the receipt agreement, the subscription receipts are transferable, but these shall not be listed on any exchange.

Amaya is however stating that, should the transaction not be finalised within four months from the closure of the offering, it will put forward its best efforts to find a stock exchange listing for the subscription receipts.

The Canadian gaming provider, Amaya Gaming has a branch of its operations currently running in Msida, Malta.